Prices of 'Z' category cos rise abnormally

Dhaka,  Tue,  26 September 2017
Published : 15 Jul 2017, 21:45:26 | Updated : 16 Jul 2017, 15:29:16

Prices of 'Z' category cos rise abnormally

Mohammad Mufazzal
Share prices of some 'Z' category companies recently rose up to 49 per cent amid continuous rising trend of issues across the board observed recently.

Some of those 'Z' category companies even witnessed the highest price hike in some trading sessions.

But the daily chart of top 10 gainers of the premier bourse did not include any 'Z' category company despite of witnessing the highest price hike.

The Dhaka Stock Exchange (DSE) featured turnover above Tk 10 billion during July 3 to July 13 mainly riding on 'A' category companies.

The contribution of 'Z' category companies in turnover was very minimal although some of such issues witnessed highest price hike. The 'Z' category companies' contribution was 2.0 per cent to 3.0 per cent in daily turnover value.

According to DSE information, during June 22 to July 13, the share price of Aziz Pipes rose 49.90 per cent or Tk 38.40 to close at Tk 116.10.  

The market price of Kay & Que jumped 30.90 per cent or Tk 17.40 during June 20 to July 13.

Meghna Condensed Milk's price advanced 27 per cent or Tk 3.30 during July 2 to July 13.

The price of Bangladesh Industrial and Finance Corporation (BIFC) witnessed a rise of 21 per cent or Tk 2.10 during July 6 to July 13.

Mohammad Saifur Rahman, an executive director of the securities regulator, said the regulator always remains cautious over the price of hikes of 'Z' category companies.

"The price of a company can rise following the continuous upward trend of the market. We are observing the companies whose price rose abnormally," said Rahman.    

It has been observed that some 'Z' category companies topped list of securities in terms 'price change' but the companies are not found in designated chart of top 10 gainers prepared daily based on the day's closing price and YCP (yesterday's closing price).

On July 10, BIFC was the number one gainer with a rise of 9.90 per cent or Tk 1.0 to close at Tk 11. But the company was not in top 10 gainers chart of that session.

On Thursday, Dulamia Cotton Spinning Mills was the second gainer after closing of its share trading at Tk 10.30 with a rise of 9.47 per cent or Tk 0.90. Khulna Printing & Packaging Limited (KPPL) was the number fifth gainer with a rise of 6.90 per cent or Tk 0.8 to close at Tk 12.30. The price of Bangladesh Welding Electrodes was number six gainer after closing its trading at Tk 21 with a rise of 6.60 per cent or Tk 1.30. But these three 'Z' companies were not in the chart of top 10 gainers.

The Thursday's chart of top 10 companies included Fu-Wang Food, Daffodil Computers, Anwar Galvanizing, Saiham Textile BDCOM Online, Grameenphone, Prime Insurance Company, Saiham Cotton Mills, DBH First Mutual Fund and Rangpur Dairy & Food Products.    

On July 8, Beach Hatchery was one of the top gainers by featuring 9.73 per cent rise to close at Tk 20.30, while Meghna Condensed Milk witnessed 9.32 per cent to close at Tk 12.90 on the same day. But the two companies were not in the daily chart of top 10 gainers.

On July 10, BIFC was the number one gainer with a rise of 9.90 per cent or Tk 1.0 to close at Tk 11. Meghna Condensed Milk secured third position of the top 10 gainers chart after rising 9.30 per cent or Tk 1.20 to close at Tk 14. The 4th gainer was Aziz Pipes whose share trading closed at Tk 112.60 with a rise of 8.74 per cent or Tk 9. The chart of top 10 gainers of July 10 did not include these three companies.

On July 11, Kay & Que and Pragati Life Insurance were in the top of the gainers chart. On that day the price of Kay & Que rose 6.96 per cent or Tk 4.60 and closed at Tk 70 per share, while the share trading of Pragati Life Insurance closed at 65.50 with 5.65 per cent or Tk 3.50. But those 'Z' category companies were in the daily chart of top 10 gainers.

Asked about exclusion of 'Z' category companies from the day's chart of top 10 companies, two senior officials of the DSE said they would make comment after getting information.

Another DSE official said their daily chart of top 10 gainers does not include any 'Z' category company as they do not hold annual general meeting (AGM) regularly.

"One weekly chart of top 10 companies, however, include 'Z' category companies," said the DSE official.
Editor : A.H.M Moazzem Hossain
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